This year's Turner Prize -- one of the highest distinctions in the world of visual art -- has been awarded to Elizabeth Price, a British video artist. The award was presented to Price by actor Jude Law in a ceremony in London.

The award comes with £25,000, or a little more than $40,000. The prize, which launched in 1984, is organized by the Tate Britain and is awarded each year to a British artist younger than 50.

This year's shortlist included Spartacus Chetwynd, Luke Fowler and Paul Noble. Chetwynd had received a fair amount of press in the weeks leading up to the Turner Prize. The female performance artist is a nudist who renamed herself after the historic Roman slave.

Price, 46, has not been widely exhibited in the U.S. Her video art draws on her experience playing in rock bands, including the indie group Talulah Gosh. She had a solo show earlier this year at the BALTIC, Centre for Contemporary Art, in Gateshead, England.